Siti Cable Network has recorded total revenues of Rs 1442.9 million for the quarter ended June 30, 2013. This was a growth of 27 per cent as compared to Rs 1135.0 million during the corresponding quarter last fiscal. Operating profit (EBITDA) stood at Rs 311.8 million as compared to Rs 277.4 million during the corresponding quarter last fiscal.
Commenting on the Q1 performance, Subhash Chandra, Chairman, Essel Group and ZEE said, “Despite an uncertain environment, Siti Cable has done well in this quarter and has driven higher revenue through relentless focus on operational excellence. Siti Cable is EBITDA positive in this quarter as well, which clearly indicates continuing growth path.”
Chandra further said that for MSOs like Siti Cable, digitisation will bring a digitally addressable consumer base, leading to higher revenues and profitability.
VD Wadhwa, Executive Director and CEO, Siti Cable commented, “We have continued the momentum begun during the last fiscal into the first quarter of FY14. Our total revenue and EBITDA grew to Rs 1442.9 million and Rs 311.8 million, a growth of 27 per cent and 12 per cent, respectively over last fiscal. The EBIDTA of Rs 311.8 million is after absorbing the adverse impact of forex fluctuation of Rs 51.1 million.”
“Our focus area is to increase the collection of monthly subscription revenues from the ground. We made healthy progress in metros cities where we are present. In DAS Phase II cities, the collection is likely to improve in coming quarters,” Wadhwa added.